Is Solar Power Right for Me?
Let’s walk through the financials, the logistics of your property and how to handle your HOA (where applicable).
Is Solar Right for Me Financially?
We truly are saving more than just the planet at NC Solar Now. In order for thousands of North Carolina homeowners to have invested in solar thus far, our solar power systems have to make good financial sense. So, let’s explore how we can help you save on or eliminate your electric bill. We’ll cover the decrease in monthly out of pocket expenses, the value increase to your home, tax credits and Duke’s rebate program.
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Going Solar Makes Sense - and Cents!
Most North Carolina households have a power bill of at least $100/month, many upwards of $250 or higher.
When was the last time you heard the power company was reducing the electricity rates? Never. In fact, utility rates in the US have risen almost every year in the last decade and over 10% in the last year alone. When you add up every dollar you have given to the electric company over time, the math gets really ugly and your wallet cringes. Solar panels produce your power at the same rate day in and day out. It means freedom from your power company and that’s a value that makes sense (and cents). Once your system is paid for, all your power is free, guaranteed for 25 years with a life expectancy of 30 to 40 years.
Financing Solutions are Available
Speaking of cents, what are my solar purchasing options? There are great financing plans available that include no upfront expenses and same-as-cash financing available. These plans make it easy to go solar with no money out-of-pocket, keeping your cash flow positive. In our experience, the monthly payment is about the same as your monthly utility bill. We’ll help you crunch the numbers to find the scenario that makes the most sense for you and your family. Pre-approval is available.
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Home Value Increase
Owning a rooftop solar system increases the value of your home for resale, and new research can help real estate valuation professionals determine how much of a premium an array adds. In November of 2015, a study examined a sample of home sales in California, Florida, Maryland, North Carolina, Oregon and Pennsylvania. Using 4,000 transactions over four and a half years, they found that the average home sale with photovoltaic solar (PV) was $431,964, and the median was $405,000. The average PV system size was 3.78 kW, and the average age was 2.7 years. In North Carolina, in the Raleigh metro area, the average premium was $11,229, which was 3.61 percent of the sale price or $2.68/W of the installed PV system.
Through 2022, the federal government is offering a 26% tax credit to homeowners who purchase solar energy systems. That means getting over a quarter of the full system cost back as a tax credit! In 2023, it goes down to 22% for homeowners. This is a huge savings and we can walk you through how to take advantage of it! Since everyone’s financial picture is different, we recommend that you speak with your CPA or tax advisor.
How about some more money in your pocket? A tax credit is better than a tax deduction because you get to subtract it from the amount of taxes you owe. So every tax credit dollar equates to one less dollar you pay on your annual taxes.
Duke Energy Rebate Program
Last but not least, Duke Energy’s enrollment for their rebate program is open to all Duke customers for 2022! Again this year, homeowners can earn up to $4,000. When they help to supplement the upfront costs associated with solar, it means greater savings over the lifetime of your solar panel system. For up to date information for residential customers, please visit Duke’s website HERE. For up to date information for businesses, please visit Duke’s website HERE. You can also learn more about eligibility requirements HERE. Please keep in mind that this is time-sensitive and the rebate is offered on a first-come, first-served basis. Give us a call if you’d like some assistance navigating their rebate offer!
Is Solar Right for My Property and Neighborhood?
NC Solar Now offers many options for solar panel placement on your roof or property. There are some customers with homes that require absolutely no roof penetrations at all (“standing seam” metal). There are times when we look at ground-mounted or pole-mounted solutions for your solar panels. For your peace of mind, we offer a lifetime warranty on all roof penetrations whether you have a metal or a traditional shingle roof. Again, we know this has to be a sound investment in order for it to make sense for you.
If you live in an HOA or have to get approval from a board to make changes to your home then you are in luck. NC Solar Now does the legwork to get homeowner’s association approvals for solar panels and we do it quickly. To boot, we have a 98% success rate. How? Our team of solar experts submits design renders and works directly with the board to make sure we can get approval in an efficient, timely manner. We pride ourselves on being completely turn-key so that you don’t have to lift a finger!
What Do Our Clients Say About Us?
“NC Solar Now was nothing short of amazing! They truly partner with their customers to ensure that they understand your goals upfront, communicate openly and excellently throughout the planning process, execute on time, and continue to support you and ensure you are aware of how to take advantage of new tax credits and rebate programs that you are eligible for. I am very happy with my 10KW system and the quality of the install, but above all, the ongoing support and customer service I receive from this company. I am endorsing them because they worked very hard to earn my trust and business and I know they will do the same for others. They have set a gold standard in my book!”
– Blake Shiver
Ready to Get Rid of Your Power Bill?
Contact us for a FREE Solar Savings Analysis! We’ll help you calculate how much your investment in solar will save you over time.
Want to Learn More About Solar?
Interested in a solar panel installation, or maybe you just like to keep up with the latest developments in green technology? Check out our blogs to learn answers to common questions, the latest news in the industry, what our friends are up to and how they use solar power, and how our team is saving the environment one installation at a time.
Making the switch to solar is an opportunity for huge savings and a great way to reduce your carbon footprint. At NC Solar Now, we understand that solar has many benefits, and we often take that knowledge for granted. This article discusses some of the benefits of a home’s (or business’s) increase in vitamin D and solar’s significant returns.
At NC Solar Now, we know that most people want to save money while reducing their environmental impact, but they might not know where to start when it comes to understanding a solar panel system and their needs. This article outlines the truth behind the question: “How many solar panels do I need?”